Fellowship PAC Drops $1.15M on GOP Candidates as Crypto Lobbying Heats Up
The Fellowship PAC, which claims a $100 million war chest from crypto industry backers, has broken months of silence with $1.15 million in reported advertising spending and endorsements for Republican candidates across five states.
Federal Election Commission filings show the super PAC spent $300,000 on ads supporting Clay Fuller, who won a special election for Georgia's 14th Congressional District after Marjorie Taylor Greene resigned. A separate filing reveals $850,000 directed toward Nate Morris, running for a Kentucky Senate seat in 2026.
Both expenditures hit about a month before Republican primaries in Georgia and Kentucky on May 19.
Building a Pro-Crypto Coalition
Fellowship isn't just writing checks. On Thursday, the PAC posted endorsements on X for six candidates: Morris in Kentucky, Alan Wilson for South Carolina governor, Blake Miguez for Louisiana's 5th Congressional District, Mike Collins for Georgia Senate, Julia Letlow for Louisiana Senate, and Pete Ricketts for Nebraska Senate.
The spending marks Fellowship's first reported disbursements since filing its statement of organization in 2025. The PAC announced in September it had secured "over $100 million" from undisclosed backers aligned with crypto interests. In April, Tether's head of government affairs Jesse Spiro took the chairman role—a notable signal given the stablecoin issuer's growing political engagement.
Crypto Money Already Moved Markets in 2024
Fellowship joins a crowded field of crypto-backed political spending. Fairshake PAC dropped more than $130 million on media buys during 2024 congressional races, potentially swinging outcomes in battleground contests including Ohio's Senate seat.
Super PACs operate under rules allowing unlimited contributions from individuals, corporations, and unions for independent political activity—making them ideal vehicles for an industry seeking regulatory clarity.
CLARITY Act Remains Stuck
The political spending comes as the industry's top legislative priority stalls. The CLARITY Act passed the House in July but faces an uncertain path in the Senate. Weekend reports suggested the Senate Banking Committee might schedule a markup, though nothing appeared on the committee calendar as of Monday.
Senators have raised concerns about ethics provisions, stablecoin yield mechanisms, and tokenized equities—issues that could require substantial revisions before any floor vote.
For crypto firms watching Washington, the calculus is straightforward: elect enough friendly lawmakers now, and the regulatory battles get easier later. With primaries approaching in May and the midterms heating up, expect Fellowship's spending to accelerate significantly.